Belcanto Business Studio

Archive for the ‘Personal Finance’ Category

1. Understand how your money.
Despite living in a society driven by money, students are taught very little about how money works. According to recent statistics from Spanish speaking countries, 8.5% of students leave school because of problems related to money.

This makes the problems of money the number one reason why students leave school, even further above the school failures. You can not win in sports without understanding the rules and how to play. The same principles apply to money. Do not be embarrassed to take the wrong path with the ball.

2. Do not sign a credit card without knowing how it works.
Credit cards are like power tools. If used without knowing how, the most likely get hurt and have problems with the charges. They spend millions of dollars in marketing credit cards to college students, where they receive about 50 requests per semester.

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5. Avoid loans: When you borrow, you’re saying goodbye to future earnings, if you ask 250 euros to a 12% interest and repay in 36 months, actually you are giving to the lending 9.44 pounds of your monthly income for three years, equivalent to 90 pounds of interest.

6. And if you have no choice but to ask for a loan, do not fall into the trap of minimum payment, which pays no interest that money back soon. Why should interest you if you can get gold at the cost of debt? So there is nothing better for them than a customer who chooses the minimum payment the longer term. Thus, most of the money they give back is interest and not the debt itself.

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1. The earlier you start managing your money, the richer you: when you’re young you tend to think that all the time in the world and it is too early to manage the money, but the more you leave, the harder it later.

Imagine you need 10,000 pounds to your 30 birthday: you could save 78 cents every day since age 13, 4.47 pounds per day from 25 or 27 pounds per day from 29. Every day counts when it comes to money and take advantage of it is never too early to start.

2. Learn to buy: not just a question of money – buy it implies not only save money but also time. Imagine that you gain 3 pounds per hour caring for the children of your neighbors. If you spend 15 pounds on a CD you could have bought at another store for 9 pounds, you’re not losing just 6 pounds, but two hours (2h to 3 pounds per hour = 6 pounds) you could have used something else .

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Personal financial planning

The first tip is to plan personal finances, which means first knowing our financial situation (for example, developing a personal income statement and balance sheet treatment), then setting financial goals, and finally develop a plan of action that we possible to achieve those objectives.

Always look for ways to increase income

Another tip to improve our personal finances is to look for ways to increase our revenues from money, such as looking for new revenue sources, seeking to increase sales of our business, seeking a raise or seeking a new job, investing our money, etc.

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This savings account should be your main goal initially. Even if you have debts, you’ll want to have a savings account for emergencies. Why? Imagine what would you do when you have an emergency if these savings are not available. Would you use your credit cards, right?

If credit cards are already at the limit, then you have serious problems and you’ll have a lot of stress.

So the advice, if you have credit card debt is that you must pay the minimums on their credit cards until you get to have an emergency savings account established. How much you have in this particular account? Ideally, you will save $ 1000 in a savings account for easy access. This savings is for things like replacing a water heater, a broken transmission or a visit to the emergency room. Not for an emergency trip to the spa.

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In most people have trouble saving a lot, do not perceive this responsibility as a priority in your life, let alone if they were committed to a series of recurring costs.

However, his calm and his family are priceless. It is therefore important that every month, you review your estate and unnecessary costs that are making noise in the personal balance.

Be aware when borrowing money. First ponder whether or not this request is a priority in your life or if you are getting carried away by that ad that gives you the ease of paying a “convenient installments” for example.

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6 – Recommendations to improve the personal finances are the same in situations of crisis or stability, but in difficult times become a necessity:

Many councils are the typical advice at any time in our lives help us keep track of our finances, either have a balance sheet (Click here) or perhaps a financial plan (Click here). It happens that in times of crisis, become a necessity to have this kind of control over our finances, to reduce all risks.

7 – Businesses often make extraordinary efforts to survive the crisis, do not be tempted by the promotion and keep the focus on what you need:

As I said earlier, the crisis hit us all, including businesses, that is why they need at all costs to keep customers or attract new clients. This time out the 1001 sales, but our finances are also at risk and we must focus on needs first, then our future and then consider whether we can give new tastes or not.

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This article explains how there is no simple answer to the fact that we do not manage money better: Do not know how. Here are tips from the article with my notes in this regard.

1. Leaving everything for later.
In finance, like everything else, time is money. The more Dures to organize your finances, you’ve lost more time to accumulate wealth. Among the examples given to be able to get ahead are: Start investing early for your long-term goals, budgeting to help you control your expenses, establish an emergency fund and not fall into the temptation of debt.

2. Diversify your investments.
Do not expect to have a greater wealth to diversify your investments. By investing in various initiatives (the bag, the business of a friend, your own business) have the ability to avoid greater losses and preserve your wealth.

3. Pay more taxes than necessary.
any people are unaware that there are ways you can save your money for long-term plans at the same time to avoid some taxes Uncle Sam. If you contribute to retirement plans, either individually (IRA, Roth IRA) or through the employer (401k, 403b) these will help you reduce your income tax. Also you can do to participate in the profits of labor l (transportation or medical) and to contribute to the fund “College Savings 529″ for the education of your children.

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